Denver, July 21, 2015 – Colorado Enterprise Fund (CEF) announced it has loaned $3.5 million to small businesses in Longmont, Colorado, and will celebrate this milestone with borrowers and community partners on July 29 in Longmont.
A statewide nonprofit lender serving Longmont since the 1990s, CEF launched the Longmont Loan Fund (LLF) in 2010 in partnership with the City of Longmont to increase distribution of loan funds to new and existing small businesses.
Established with $120,000 in Community Development Block Grant (CDBG) funds provided by the City and matched by CEF, the LLF has now grown to over $650,000 with additional commitments from the City and CEF. Of the total funds committed to the LLF, close to 90% are designated for loan capital to help finance small business growth in Longmont with the remainder available to cover the costs associated with administering the program.
The purpose of the LLF is to provide access to capital for Longmont businesses that cannot obtain financing through traditional sources, but are capable of sustaining a business and repaying debt. To date, $3.5 million has been dispersed to 84 Longmont small businesses representing a variety of industries from food service and healthcare to light manufacturing, retail trade, and transportation. Loans have ranged from $1000 to over $100,000.
CEF will celebrate this small business milestone at an invitation-only event on Wednesday, July 29, in Longmont. Featured speakers include Mayor Dennis Coombs from the City of Longmont; Jessica Erickson, President and CEO of the Longmont Area Economic Council; Ceyl Prinster, President and CEO of CEF; and Longmont small business owners: Al Musser of Harmony LLC, Ed Payne of Honey Bunchie, and Dan Lance of The Roost.
For more information about the Longmont Loan Fund program or Colorado Enterprise Fund, please contact Alisa Zimmerman, Director of Marketing and Communications, at 303-860-0242 extension 218 or firstname.lastname@example.org.
About Colorado Enterprise Fund
Founded in1976, Colorado Enterprise Fund (CEF) provides loans up to $500,000 to finance small businesses and start-ups unable to secure funding through traditional banks. With a mission to accelerate community prosperity by financing and supporting entrepreneurs and small businesses, CEF has provided over $43 million in loans to more than 1600 businesses to help create or retain over 13,000 jobs in the state since 1990. A nonprofit Community Development Financial Institution (CDFI), CEF is based in Denver with lending services available statewide. For more information, visit: www.coloradoenterprisefund.org.
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